New York, May 18, 2026, 12:05 EDT
- Biogen has finished its acquisition of Apellis, and APLS ticker has stopped trading. Nasdaq shows May 13 as the last day for trading, with the listing suspension on May 15.
- Former shareholders are set to get $41 a share in cash and one contingent value right, or CVR, which could bring more cash if Syfovre meets sales goals.
- Biogen shares slipped 1.3% to $190.36 just before noon in New York. Broader U.S. indexes traded mixed earlier.
Apellis Pharmaceuticals is no longer on Nasdaq after Biogen wrapped up its buyout Monday, setting APLS at $41 per share in cash.
The focus for former Apellis investors is now the extra $4 a share that depends on Syfovre, the eye drug that pulled Biogen to the table. Nasdaq said APLS shares had their final trading day on May 13. The stock is halted May 14 and gets suspended May 15.
U.S. markets traded Monday. Apellis was missing due to the merger, not because of a market holiday. The NYSE shows its next 2026 May holiday closure is Memorial Day, May 25.
Biogen said it picked up about 105.7 million Apellis shares in the tender offer, representing around 82.4% of shares outstanding. Apellis is now a Biogen subsidiary as of May 14. Nasdaq started delisting Apellis common stock, according to a Form 25 filing.
The deal puts $41 in cash and a non-transferable CVR on the table for each share. Biogen’s SEC filing says the CVR will pay $2 if Syfovre annual net sales hit $1.5 billion or more in any year from 2027 to 2030. Another $2 if sales reach $2 billion in any year from 2027 to 2031. If the $1.5 billion target is missed but Syfovre sales hit $2 billion in 2031, the second payment goes to $4.
Biogen is betting Apellis can boost growth outside its aging multiple-sclerosis lineup. Biogen pointed to Apellis’s Syfovre and Empaveli, which had $689 million in net product revenue for 2025. The company said buying Apellis is expected to add to adjusted earnings per share in 2027, meaning profit per share not counting certain items.
Biogen CEO Christopher A. Viehbacher said the Apellis deal “immediately advances” Biogen’s transformation after the agreement was announced. Apellis CEO Cedric Francois described it as a “compelling outcome” for shareholders. Biogen
Viehbacher told Reuters Biogen sees “a lot of value” in Apellis’ kidney franchise. BMO Capital’s Evan Seigerman said the extra sales from Syfovre and Empaveli could “meaningfully change” investor views on Biogen’s near-term growth as it deals with weaker multiple sclerosis numbers. Reuters
Astellas Pharma keeps up the competition. The company is moving ahead with Izervay, its geographic atrophy drug, and last week said China’s drug regulator had accepted its priority review application. Geographic atrophy is a late-stage age-related macular degeneration that can cause vision to worsen over time.
The CVR doesn’t guarantee a payout. Biogen’s filing says none of the milestones are certain, so if Syfovre sales don’t reach the targets, ex-Apellis holders get nothing from the CVR. Biogen also tapped $2 billion in term loans to back the deal, which puts more pressure on the new drugs to deliver growth.
Biogen looks set to deliver the next big update for investors, not Apellis. The company said it plans to give updated financial guidance when it reports Q2 results in July. That puts the market’s attention on how well Biogen can integrate the Apellis deal, moving it away from APLS’ last results.
